The challenger bank revised its decision to float on the London Stock Exchange in February, after abandoning initial plans to list shares on the market in October last year.

On its first day of conditional trading, Aldermore released over 39 million new shares onto the market which it expects will raise gross proceeds of £75m. It said it will use net proceeds raised from the IPO to support the medium term growth of the business.

Following the bank’s announcement, the value of shares jumped by 10% to 213p.

CEO Phillip Monks announced that all Aldermore employees would receive shares of up to £1,000 in value to ensure the workforce could ‘participate in future success’.

“The success of our IPO is testament to the strength of our story as a legacy-free bank focused on providing banking services to SMEs and homeowners. It’s also a clear demonstration that the investment community shares our confidence in our ability to continue delivering profitable and sustainable growth for our investors,” Monks said.

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“We believe that becoming a listed company will further support our development by allowing us to provide flexible and straightforward products and customer-focused banking services to British SMEs and homeowners.”